Thinking of Buying a Home? What Are You Waiting For?

Thinking of Buying a Home? What Are You Waiting For?

The Time to Buy is Now

With spring right around the corner, you may be wondering if you should wait to enter the housing market. Here are four great reasons to consider buying a home today instead of waiting.

Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to appreciate by more than 3.2% a year for the next 5 years.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have remained below 4%. Most experts predict that they will begin to rise over the next 12 months. TheMortgage Bankers Association, Freddie Mac & the National Association of Realtors are in unison projecting that rates will be up almost three-quarters of a percentage point by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

Either Way You Are Paying a Mortgage

As a paper from the Joint Center for Housing Studies at Harvard University explains:

“Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”

It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Bottom Line

If you are ready and willing to buy, find out if you are able to. Let’s get to together to discuss finding you your dream home.

Tahoe Snow Report

Tahoe Snow Report

Report:  Almost none.

I can only assume that you’ve seen one of the many stories covering Tahoe’s lack of snow.  As of right now they’re saying that we’ll be getting snow this weekend, but unfortunately every time they’ve said that this year nothing at all has come of it.

Here’s a Tahoe snow report blog that I’ve been following lately :  It is written by a man named Bryan Allegretto.  I really like the blog because he doesn’t seem to try and get everyone hyped up and over-excited for a coming storm *ahem* every big news agency out there *ahem*.  If you’re looking to keep an eye on potential Tahoe snow, I’d check there first.

barbeque coals in a weber at nightObviously the lack of snow accumulation is going to be an issue, and not just for Lake Tahoe, but for California as a whole.  Unless we get to have an actual Tahoe snow report soon, summer is going to be rough in the water department.  There isn’t much we can do about it right now though.  I suppose we can all start conserving water early, which is something that we are doing at home.  I guess you can pray if that is your thing.  There is a popular event here in Tahoe called “Pray for Snow”.  I’ve also seen stickers and posters up at various establishments calling on people to “Dance for Snow”, “Chant for Snow”, and ‘Believe in the Snow”.  I’m willing to do all of them at this point, and I hope you’ll join me!  Other than that though, I’m making the best of the lack of snow, and winter weather in general.  Most evenings after my afternoon run you can find me outside, barbecuing.